Coca-Cola (NYSE:KO) today reported worldwide volume growth of 4% for the first quarter, with
3% growth in Coca-Cola Americas and 5% growth in Coca-Cola International. During the quarter, the company grew global
value share in nonalcoholic ready-to-drink (NARTD) beverages for the 23rd
consecutive quarter and once again grew both volume and value share in global
core sparkling beverages.

Chairman and CEO Muhtar Kent said, “I am
pleased with our first quarter performance results, having once again delivered
solid growth against the backdrop of a still uncertain global economy. Guided by our 2020 Vision, our roadmap for
winning together with our global system bottling partners, we enter 2013 and
the fourth year of our journey to 2020 focused and on track to reach our
goals.”

The
full press release, including more facts and figures about our first quarter
results, can be found online here.

Check
back later today for more updates from our quarterly call with investors.
In the meantime, you can listen live beginning at 9:30 a.m. ET here on Coca-Cola Journey.

Q1 Earnings Afternoon Update:

Following
the release of our earnings press release this morning, our Chairman and CEO
Muhtar Kent and CFO Gary Fayard conducted a call with financial analysts. Below are some highlights of what was
said. If you missed listening to the
webcast discussing today’s earnings, you can listen to a replay at the link
below. We’ll also have a transcript of
the call available at the same link shortly.

Muhtar
Kent on overall results:

“In
the first quarter of 2013 we grew worldwide volume by 4%, cycling 5% growth,
and once again captured global nonalcoholic ready-to-drink beverage value share
with volume and value share gains in core sparkling.

Worldwide still beverage volume grew 6% in
the quarter, with volume growth across most still beverage categories,
including ready-to-drink tea, juices and juice drinks, and packaged water.
These gains enabled us to capture global still beverage volume and value share.

As announced during our 2012 year-end
earnings call, we implemented a new organizational structure effective January
1st of this year that includes Coca-Cola Americas which began 2013 by growing
volume 3% and Coca-Cola International which grew volume 5%.”

Gary
Fayard, Chief Financial Officer on financial results:

“Our
comparable earnings per share were $0.46, up 5% versus the prior year quarter
despite currency headwinds of approximately 4%.

Our comparable currency neutral operating
income was up 5% despite the impact of two fewer selling days, and the impact
of certain structural items. Currency was a 3% headwind on comparable operating
income.

After adjusting for the effect of
two fewer selling days in the quarter, unit case sales were in line with
concentrate sales.

Price/mix for the quarter was even, cycling
3% in the prior year quarter. And remember, in the second quarter we will also
be cycling 3% price/mix. However, as stated in our last earnings call, we do
expect to earn low single-digit consolidated price/mix for 2013, consistent
with our long-term growth model. We continue executing our occasion-based
brand, price, package and channel strategies with precision around the world.”

Muhtar
Kent on US franchise system:

“As announced earlier today, we are taking a
significant step toward our 2020 Vision by commencing the implementation of a
21st century beverage partnership model in the United States.

The franchise system has always been the
strength of the Coca-Cola business globally, and today we are accelerating the
transformation of our U.S. system in ways that will establish a clear path to
help us achieve our 2020 Vision.

In the coming months we will be
collaborating with five of our bottling partners to implement the plan which
will include the granting of exclusive territory rights and the sale of
distribution assets and cold-drink equipment. In the near term, production
assets will remain with Coca-Cola Refreshments as part of a finished goods
model, in anticipation of a future national product supply system.

These actions are being taken ahead
of our previously stated timeline. The result will be further progress toward a
more agile, modern, customer-focused franchise business model unique to the
U.S.

We remain confident that we have the
right strategies for North America and we are optimistic about the outlook for
this important market despite the challenging competitive environment and
macroeconomic backdrop.

As today’s results indicate, The
Coca-Cola Company’s brand marketing, commercial execution, and category
leadership efforts are all working together to enable us to sustainably win at
the point of sale.”

Check back on our investors page for the transcript and audio file of the webcast.

The Coca-Cola Company (NYSE: KO) is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands and more than 3,800 beverage choices. Led by Coca-Cola, one of the world's most valuable and recognizable brands, our company’s portfolio features 20 billion-dollar brands, 18 of which are available in reduced-, low- or no-calorie options. Our billion-dollar brands include Diet Coke, Coca-Cola Zero, Fanta, Sprite, Dasani, vitaminwater, Powerade, Minute Maid, Simply, Del Valle, Georgia and Gold Peak. Through the world's largest beverage distribution system, we are the No. 1 provider of both sparkling and still beverages. More than 1.9 billion servings of our beverages are enjoyed by consumers in more than 200 countries each day. With an enduring commitment to building sustainable communities, our company is focused on initiatives that reduce our environmental footprint, create a safe, inclusive work environment for our associates, and enhance the economic development of the communities where we operate. Together with our bottling partners, we rank among the world's top 10 private employers with more than 700,000 system associates.